AI is not a bubble.
The buildout will be bigger than imagined.

Compute needs power.
Power needs grid.
Grid needs metal.

Software replicates in months.
Infrastructure takes years.
Today’s capex is tomorrow’s repair.

Constraints don’t bend to narrative.
Physics adjudicates.
The bill comes due in metal, in power, in concrete.

Agents will multiply.
Humans stay in control.

Two positions:
the physical infrastructure of AI,
the agentic platforms and the agents themselves.

We size to what we know.
We accept losing.
We don’t average down stories.

Liaison first. Pitch never.

The buildout is real.
We bet on the bill.